The Sum of Its Parts: The Lawyer-Client Relationship in Initial Public Offerings

This Article examines the impact of the quality of a lawyer\u27s working relationship with his or her client on one of the most important types of capital markets deal in a company\u27s existence: its initial public offering (IPO). Drawing on data from interviews with equity capital markets lawyers at major law firms, and analyzing data from IPOs in the United States registered with the Securities and Exchange Commission between June 1996 and December 2010, this study finds a strong association between several measures of IPO performance and the familiarity between the lead underwriter and its counsel, as measured by the number of times a particular law firm serves as counsel to a managing underwriter within a relatively short time period. Performance is gauged according to a stock\u27s opening day returns, price performance over thirty, sixty, and ninety trading days, correct price revision, litigation rates, and the speed at which deals are completed. I also analyze the relationships between the lawyers for the lead underwriter and the lawyers for the issuer. The analysis shows some benefits from familiarity, albeit generally smaller than those associated with the underwriter-lawyer relationship. In all cases, the positive effects of repeated interaction diminish the further back in time the previous collaborations occurred. To rule out selection and reverse causality, I perform a number of tests using smaller subsets of the data to remove observations that are plausibly selection driven. I also show that the relationships between familiarity and deal quality occur independently of the level of the lawyers\u27 experience. These findings support the conclusion that lawyers\u27 relational skill can positively influence deal outcomes, independent even of substance and process knowledge. I hypothesize that the core advantage of repeated interaction is the formation of more effective lawyer-client team dynamics

Экспериментальные исследования фазогенераторной схемы дефектоскопа

Проводятся исследования зависимости выходного параметра фазогенераторной схемы дефектоскопа от изменения реактивных и активных сопротивлений вихретоковых преобразователей при различных режимах работы. Построены графики зависимости сдвига фаз между генераторами от изменения реактивной и активной составляющих сопротивления датчика. Приводятся результаты экспериментальных исследований выявляемости поверхностных дефектов заготовок турбинных лопаток фазогенераторпым дефектоскопом с проходными датчиками. Приводится блок-схема дефектоскопа

Characterisation of archaeological waterlogged wood by pyrolytic and mass spectrometric techniques

1) Department of Chemistry and Industrial Chemistry, University of Pisa, via Risorgimento 35. 56126 Pisa, Italy ; 2) IRNAS-CSIC, Seville, Spain; E-mail address: [email protected] combination of two techniques based on analytical pyrolysis and mass spectrometry, including direct exposure-MS (DE-MS) and pyrolysis-gas chromatography/mass spectrometry (Py-GC/MS), was used to study the chemical composition of waterlogged archaeological wood. In particular, the two techniques were used to chemically characterise samples of archaeological wood from the excavation of the Site of the Ancient Ships of Pisa San Rossore in Pisa (Italy). The data were compared to those of native sound wood of the same species. The results highlight that DE-MS is a valuable technique for the characterisation of archaeological wood. DE-MS allows us to use a minimal sample size and to perform the analysis in a few minutes, thus avoiding the long wet-chemical procedures that are commonly used to characterise wood. The results also confirm the importance of Py-GC/MS as a tool for shedding light on the chemical modifications of wood in archaeological objects. The analyses demonstrated that waterlogged wood from the site of Pisa San Rossore have undergone an extensive loss of polysaccharides together with partial demethylation of lignin units, both guaiacyl and syringyl monomers. In fact, catechols and methoxy catechols were identified among the pyrolysis products of the waterlogged wood samples.The authors wish to thank Dott.ssa G. Giachi (Restoration Laboratories of the Archaeological Superintendence of Tuscany, Florence, Italy) for providing archaeological wood samples and for her valuable support and collaboration. Funding was provided by the Archaeological Superintendence of Tuscany and by the Italian MIUR (PRIN Cofin05).Peer reviewe

Collusion in Growing and Shrinking Markets: Empirical Evidence from Experimental Duopolies

Publicado como un capítulo en: Jeroen Hinloopen (ed.). Experiments and Competition Policy. [S.l.]: Cambridge University Press, 2009, p.34-60. ISBN 9780511576201. ISBN 9781107403611. DOI http://dx.doi.org/10.1017/CBO9780511576201.003We study collusive behaviour in experimental duopolies that compete in prices under dynamic demand conditions. In one treatment the demand grows at a constant rate. In the other treatment the demand declines at another constant rate. The rates are chosen so that the evolution of the demand in one case is just the reverse in time than the one for the other case. We use a box-design demand function so that there are no issues of finding and co-ordinating on the collusive price. Contrary to game-theoretic reasoning, our results show that collusion is significantly larger when the demand shrinks than when it grows. We conjecture that the prospect of rapidly declining profit opportunities exerts a disciplining effect on firms that facilitates collusion and discourages deviation.Financial support from the Spanish Ministerio de Ciencia y Tecnologia (BEC 2003-00412), the Ministerio de Educación y Cultura (PB98-0465), the Barcelona Economics programme CREA, the British Academy and the University of Nottingham is gratefully acknowledged